Betfair has been named as the UK’s seventh fastest-growing technology company in the Sunday Times Tech Track 100.

The Sunday Times Microsoft Tech Track 100 ranks Britain’s fastest-growing private technology companies by sales over a two-year period between 2002 and 2004.

“Technology is the basis of Betfair’s success and its application in the betting exchange format has, in a relatively short period of time, revolutionised the way many people bet,” said Stephen Hill, Betfair’s chief executive.

Betfair has already invested £30 million to ensure that its betting platform is the fastest and most resilient in the industry. The company is planning a further £20 million investment this year.

Betfair punters place more than five million bets a day, of which more than 99.9% are transacted in less than one second. Betfair’s use of technology enables customers to bet “in-play”, which means they can continue to bet once an event has started.